Treasury Secretary Janet Yellen said the weather-related havoc playing out across the US is exposing a “protection gap” for Americans seeking insurance against property losses.
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Munich Re: Overall Losses for H1 2023 Estimated at $110B
While the overall losses of US$ 110bn were lower than those in the first half of 2022 (US$ 120bn), they were still well above the average for the last ten years (US$ 98bn, inflation-adjusted).
Industry Veterans Launch InsurTech Modives, Close $3M Seed Round
Combining decades of accumulated experience in the insurance space, five industry vets today announced the formation of Modives—a new venture delivering automation to alleviate a painful and time-consuming process for property managers and auto dealers: insurance verification.
Record Hot Oceans Are Driving Weather Disasters Around the World
Global ocean surface temperatures in June were the highest in 174 years of data, with the emergence of the El Niño weather pattern piling onto the long-term trend. Near Miami, coastal Atlantic waters are pushing 90F (32C.)
NAIC Releases Draft Model Bulletin on Insurers’ Use of AI Systems
The Innovation, Cybersecurity and Technology (H) Committee of the National Association of Insurance Commissioners (NAIC) has recently released a draft model bulletin that outlines regulatory expectations for insurers’ use of artificial intelligence systems (AI Systems).
Cowbell Joins AWS Cyber Insurance Partner Initiative
Cowbell, a leading provider of cyber insurance for small and medium-sized enterprises (SMEs), today announced that it has joined the Amazon Web Services (AWS) Cyber Insurance Partner Initiative.
Violent Crime Declines While Car Thefts Soar in H1 2023
Motor vehicle thefts remain on the rise, according to think tank Council on Criminal Justice in second half of 2023.
Liberty Mutual to Stop Offering its BOP in California
Property and casualty insurer Liberty Mutual will stop offering its business owner’s policy (BOP) product in wildfire-prone state California from Oct. 1, in a sign that cost inflation and higher catastrophe losses are pounding insurers’ profits.
Independent Agencies Gaining Market Share
The independent agency channel is holding ground and making slow, steady gains in lines of business penetration, including homeowners, according to the Big “I” 2023 Market Share Report.
California, Other States Move to Block 3M’s $10.3 Billion PFAS Deal
A group of 22 states and U.S. territories on Wednesday moved to block a proposed $10.3 billion settlement that would resolve claims against 3M Co over water pollution tied to “forever chemicals,” claiming the deal fails to adequately hold the company accountable.